Aliko Dangote, the President of Dangote Group, recently shared a personal story about his investment challenges in Nigeria. In an interview with PREMIUM TIMES, Dangote revealed that a friend who had advised him against investing in Nigeria is now taunting him for ignoring that advice.
This revelation comes at a time when the Nigerian Midstream and Downstream Petroleum Regulatory Authority has claimed that the diesel produced by Dangote Refinery is of inferior quality. These reports have added to the difficulties Dangote is facing with the country’s oil and gas regulators.
Dangote was quoted to have said,
“Four years ago, one of my very wealthy friends began to invest his money abroad. I disagreed with him and urged him to rethink his actions in the interest of his country.
“He blamed his action on policy inconsistencies and shenanigans of interest groups.
“That friend has been taunting me in the past few days, saying he warned me and that he has been proven right,”
“As you probably know, I am 67 years old. In less than three years, I will be 70. I need very little to live the rest of my life. I can’t take the refinery or any other property or asset to my grave. Everything I do is in the interest of my country.’
“We have been facing a fuel crisis since the 70s. This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, run the refinery.
“This refinery can help in resolving the problem but it does appear some people are uncomfortable that I am in the picture. So I am ready to let go, let the NNPC buy me out, and run the refinery. At least the country will have high-quality products and create jobs.”
His experience serves as a reminder of the unpredictable nature of investments and the importance of resilience in the face of adversity. It also highlights the critical role that regulatory bodies play in the success or failure of business ventures in the energy sector.
As Dangote navigates these challenges, his story is a testament to the trials that many investors face and the strength required to overcome them.
